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Many talking heads are looking for the market to correct 10%. Maybe a pullback to the 50 or 200 day MA. Right now the market is still positive. Read the charts and judge for yourself.
Here we go folks. The Market Chart. The background is flooded by the weekly Stochastics. The bars are painted by the daily Stochastics. The 25, 50 & 200 SMAs. Volume with 10 SMA. Support and Resistance. Stochastics levels are 32 and 68. Break those levels and price moves rapidly in the hot zone.
The read: Price broke above S1 ....... doji ...... red doji ..............red candle in red zone. Low volume. Bottom Line: Need a nice engulfing candle and break of Stochastics 68 levels for much lower. Until then pullback to 25SMA? Or to we engulf to the upside?
To play the market: Play the daily Stochastics against the weekly Stochastics. If you have a position to manage then use the 15 minute chart with HH, HL and LH, LL.
update: still positive; with price against resistance, divergence, rising MAs and crossing stochastics. But still in the OB zone. And blue money flow bars. low volume.
